Hello everyone, this is Marta Campos, Head of Finance for Rovi. Welcome to our company's review of business results for the full year 2025. Before we begin, let me remind you that today's presentation and associated documentation are available on the Investor Relations section of Rovi's website. Please note that the information presented in this call contains forward-looking statements based on our current beliefs and expectations. Actual results could naturally differ due to known and unknown risks, uncertainties, and other factors, and we undertake no obligation to update or revise any of the statements. Moving to today's agenda, Juan López Belmonte, Rovi's chairman and CEO, will discuss on business performance for the full year 2025, as well as our outlook for 2026. Javier López Belmonte, Rovi's chief financial officer, will then review full year financial results and provide an overview of our cash and debt position. The presentation will be followed by a Q&A session. Therefore, if you want to ask any questions during the presentation, please do not hesitate to send them through the question button on the platform. With that, I thank you for your presence today. And I will now turn the call over to Juan.
Thank you, Marta. Good morning, everyone. And thank you for joining us today. 2025 was a transition year for Robi, but also one characterized by stock execution and solid performance. We operated with clear strategic priorities and delivered our financial commitments. In this context, our total revenue in 2025 amounted to 756.1 million euros, a 1% decrease compared with 2024. Operating revenue reached 743.5 million euros, representing a 3% decrease versus 2024. This evolution was better than expected and was mainly driven by the performance of our contract development and manufacturing organization business. This decrease was partially offset by the strong performance of our specialty pharmaceutical business. Our gross margin reached 66.5% in 2025, an improvement of 3.9 percentage points compared to 2024. It was also a strong years in terms of profitability. EBITDA increased by 4%, and our EBITDA margin expanded by 1.9 percentage points, reaching 29.1 in 2025. With the visibility we have today, we reaffirm our 2026 guidance, and Roby expects operating revenue to grow by high single-digit to low double-digit rates compared with 2025. I'm very pleased with the progress we've made in executing transformative initiatives that continue to strengthen our company. Let me begin with our execution in the CDMO business. In November, we announced a collaboration with Roche for the manufacture of a new medicine in development. This agreement reflects the strong momentum we are seeing in new business and the continued expansion of our partnership base. In September, we announced the acquisition of an injectable drug product manufacturing site in Phoenix, Arizona. We are now integrating the facility Roche Phoenix into our network. As part of the transaction, we signed a total manufacturing agreement with an initial five-year term, including minimum annual payments of 50 million U.S. dollars. We're extremely excited about this opportunity as it enhances our value proposition for biopharma partners by providing U.S.-based manufacturing capabilities and adding highly competitive, high-potent OEB5 cytotoxic capacities. Turning to our specialty pharma business, in July, the Technological Development and Innovation Center confirmed the final approval of the 36.3 million aid granted to Rovi for the light-solid project, covering the preview from January 2023 to August 2026. In the second half of the year, we collected the full amount and recognized the revenue associated with expenses incurred between January 2023 and December 2025. And finally, in January 2025, we advanced meaningfully in the field of artificial intelligence. We acquired a majority stake in sales, IA, technology, a pioneer in AI-assisted diagnostic in pathological anatomy, an area with significant potential from transformation to emerging digital technologies. Looking ahead, we expect these actions to translate into strong financial performance over the coming years and give us confidence in a long-term outlook. And now, let me begin a quick overview of the 2025 financial results. Total operating revenues fell 2% to 743.5 million euros versus 2024, mainly due to the behavior of the CDMO business. Notwithstanding, sales of the specialty pharmaceutical business were up 11% to 473.9 million euros, positively impacted by low molecular with heparins, OKD, Neparvis, and the contrast agents and other hospital product division. I will touch upon their performance later on the presentation. Moving on to one of our main pillars of growth, a specialty pharma area, sales of prescription-based pharmaceutical products increased by 11% in 2025, reaching 414.1 million euros, driven mainly by the solid performance of our heparin division, which grew 7% in the year. Within the division, Anaxaparin was the main growth contributor. Sales rose 9%, supported by higher order volumes from our international partners. Vemiparin also delivered strong performance. Sales increased 4% in 2025, driven by a very strong fourth quarter, with sales increasing 52% compared with the third quarter. This growth was supported by the strength of our international business, where revenues rose 15% to 43.6 million euros, mainly driven by strong performance in China, Greece, and Turkey. We remain focused on becoming a global leader in the happening field, with both bemipirin and our anoxaparin biosimilar. In line with this ambition, we continue to invest in achieving self-sufficiency in crude heparin sourcing, moving toward full vertical integration across all manufacturing stages of low molecular weight heparins. Anoxaparin biosimilar continued to strengthen its global position in 2025, with outlicensing agreements covering 82 territories. Sales performance was solid throughout the year, driven by stronger demand for international partners. Sales increased 9%, reaching 157.7 million euros, reflecting higher order volumes and sustained momentum in markets where the product is already well positioned. Additionally, the year closed with a particularly strong fourth quarter, the strongest of the year, with sales of 36% versus the previous quarter. Growth from the specialty pharmaceutical business was also driven by Okedi, Neparvis, and the contrast agents and other hospital products. Okedi, the first Robi product based on its leading-edge drug delivery technology, ISM, for the treatment of schizophrenia in adults, delivered another year of strong growth. Sales reached 56.7 million euros in 2025, an increase of 97% compared to 2024, and 84% rise compared to the fourth quarter of 2024. Sales of Neparvis, a specialty product from Novartis, indicated for the treatment of adult patients with symptomatic chronic heart failure and reduced ejected fraction, increased 10% in 2025. Finally, sales of contrast imaging agents and other hospital products increased by 11% in 2025. Moving on to our CMO business, performance in 2025 evolved in line with our expectations. Sales declined 20%, reaching 269.5 million euros, mainly due to two factors. Minimal revenue recognition related to the activities carried out in the year to prepare the plant for Moderna vaccine production, and second, lower production revenues from Moderna during that same period. Despite this temporary contraction, our confidence in the year and long-term potential of our CDMO platform remains very strong. We operate in a highly dynamic market where Roby holds a clear competitive position. To fully capture this opportunity, we are making significant investments to reinforce our global leadership in sterile fill-and-finish capacity and services. These investments will enable us to continue benefiting from the structural imbalance between the growing demand for injectable products and the limited supply of high-quality manufacturing capacity worldwide. With expansions underway, By the way, Robin is on track to become one of the largest and most experienced pharmaceutical groups in Spain, operating eight fully integrated manufacturing sites, five of which are dedicated exclusively to contract development and manufacturing activities. This positions us exceptionally well for future growth. We continue to progress on our two innovative formulations based on our ISM technology platform. Today, I will provide an update across both programs. First, letrozole CA, our quarterly prolonged release formulation of letrozole for the treatment of hormone-dependent breast cancer. We obtained positive Phase I results at the beginning of 2025 and demonstrated superior estrogen suppression compared with FEMARA. In November 2025, we submitted the investigational new drug application to the U.S. FDA, and we expect to begin recruitment for the first clinical trial in the second quarter of 2026. Second, Risperidone Quar, our quarterly prolonged release Risperidone injection for the treatment of schizophrenia in others. Its unique PK profile is capable of providing clinically relevant plasma concentrations from day one onwards. The clinical program intends to achieve the same indications as Oceti and to demonstrate that, unlike all the other quarterly formulations, patients being attended for an acute episode can be treated with a single quarterly injection of Risperidone-Quar without previous stabilization with monthly medication. We also reported positive Phase I results early in 2025, and the Phase III clinical program will follow a design similar to the one successfully executed for OKD. Both programs represent meaningful innovation and reinforce the potential of our ISM platform to deliver long-acting treatments that improve patient outcomes and adherence. To conclude, let's turn to our outlook for 2026. As we've highlighted throughout today's presentation, 2025 was a strong year in terms of execution, and we have led solid foundations for our next phase of growth. In 2026, we expect to return to revenue growth. As I mentioned earlier, 2026 guidance remains unchanged, and we expect operating revenue to increase by between a high single-digit percentage and a low double-digit percentage in comparison with 2025. This outlook reflects several factors. The potential revenue from the manufacturing agreement signed with Bristol-Myers Quib, closing is still pending, as part of the transaction announced on the 29th of September, 2025. Revenue arising from other agreements related to the content manufacturing activity. and lastly, the current competitive pressure on pricing in the heparin division. To conclude, we are executing strongly across the business, successfully advising OKD's rollout, progressing our clinical programs, and delivering solid performance in our CADMO operations. At the same time, we are making the strategic investments required to support sustainable growth over the long term. The progress we've made this year, combined with the momentum we are carrying forward, reinforces our ability to serve patients effectively while building lasting value for our shareholders. Thank you for your presence again today, and I will now turn the call to Javier.
Thank you, Juan. Good morning to everyone. As Juan noted in 2025, we made meaningful progress on building long-term value for the company. Total revenue in 2025 amounted to 756.1 million euros, a 1% decrease compared with 2024. Likewise, operating revenue for 2025 totaled 743.5 million euros, a decrease of 3% on 2024 numbers. This decline was better than expected and mainly driven by the performance of the CBMO business. This decrease was partially offset by the strong performance of our specialty pharma business, which was driven by our Eparin Division, Ocadi, Neparvis, and contract agents and other hospital products.
I will now walk you through the reminder of our P&L.
Cross profit increased 3% to 494.7 million euros in 2025, compared to 2024. Gross margin was up 3.9 percentage points to 66.5% in 2025. This increase was mainly impacted by the recognition of revenue associated with the R&D aid awarded by the CDTI for the Lysolid project, which is recorded under the other income line. Excluding the impact of other income, gross margin would have increased by 2.3 percentage points to 64.8 percent, mainly due to two factors. One, first, the increased contribution of Ocleti sales, which added high margins. And second, the decrease in low molecular weight febrile raw material prices, which had a positive impact on gross margin.
Roby continues to be committed to innovation.
And the expenses increased 47% to 37.8 million euros in 2025 due to the completion of the phase I clinical trials for letrosol SIE and cortely risperidone ISM, and also for the preparation for the development of letrosol SIE's phase III clinical trial. S&A expenses decreased by 2% to €240.7 million in 2025 compared to 2024, mainly due to an 8% reduction in other operating expenses, excluding R&D. this item however includes non-recurrent expenses associated with the strategic projects undertaken in 2024 and 2025. when excluding these non-recurrent strategic projects and other operating expenses excluding R&D would have decreased by four percent in 2025 underscoring the continued effectiveness of the company's cost-containment initiatives. These efficiencies offset the 4% increase in employee benefit expenses, always excluding R&D, in 2025 versus 2024, driven primarily by a 3% wage increase due to the entry into force of the 21st collective agreement of the chemical industry, 24-26, in the fourth quarter of 24, and also by the hiring of additional CDMO personnel. EBITDA totaled 216.2 million euros in 2025, an increase of 4 percent compared to 2024, reflecting a 1.9 percentage point increase in the EBITDA margin, which increased to 29.1% in 2025. EBITDA increased 4% to 185.8 million euros in 2025, reflecting a 1.5 percentage point increase in the EBIT margin, which increased to 25% in 2025. The profit increased 3% to 140.4 million euros in 2025. If we now perform a pre-R&D analysis, EBITDA pre-R&D calculated excluding R&D expenses in 2025 increased by 9%, reflecting a 3.6 percentage point increase in the EBIT margin to 34.2% in 2025. Likewise, EBIT pre-R&D increased by 9%, reflecting a 3.2 percentage point increase in the EBIT margin to 30.1% in 2025. Net profit pre-R&D in the same way increased by eight percent in 2025 moving on moving on to the evolution of capex and cash generation let me say first that we view capex as a key enabler for rovi's future growth and it's a key focus for our organization this way last year rovi invested 67 point million euros Of this amount, 46.2 million euros relates to investment capex, related to our facilities, including key important projects such as the new filling lines and the operations expansion. glycopeptin, our joint venture for the construction of a plant dedicated to the production of compounds of high biological value from the intestinal mucose of pigs, and finally the industrialization of our ISM platform. Lastly, we invested 21.6 million euros in maintenance and other capex. In 2025, we increased cash flow from operating activities by 35% to 187.1 million euros. Increase is mainly explained by two factors. The collection of the CDTI grant from the Lysolid project and the improvement in inventory resulting from lower prices of heparin raw materials. Our cash generation capacity has also evolved positively, with free cash flow reaching 120 million euros, 57% higher than in 2024. Regarding our debt, as of 31st December 25, Roby's total debt increased to 121.8 million euros. So, December 25, Roby had a gross cash position of 99.9 million euros and a net debt of only 21.9 million euros. Let me end this section with our dividend policy, which you know we consider a key priority for Roby. Roby's Board of Directors will propose to the General Sales Holders' Meeting a dividend distribution of over €49 million. This is equivalent to €0.9594 per share, entitled to receive it, charged to the €21 profit, €25 profit, sorry. This would entail distribution to an amount equivalent to approximately 35 percent of the consolidated net profit for 2025 attributed to the parent company so moving to the news flows for 26 let me say that first of all robin delivered in 2025 and we are entering 2026 in a very strong position ready to capture the next wave of road the year ahead brings a very attractive news flow across all parts of our business. In specialty pharma, we expect to strengthen the heparin division as we advance toward becoming a fully vertically integrated company, securing our supply chain and improving competitiveness. In CDMO, business 2026 will be a pivotal year with the full integration of Royce Phoenix into our network and the continued execution of our capital investments, which will expand capacity, enhance capabilities, and support future commercial opportunities. And in R&D, our ISM platform continues to represent a significant value driver with important milestones expected across our late-stage pipeline. phase three trial of Letrosol SIE and the phase three program of our quarterly Risperidone formulation. Altogether, 26 is said to be a commercially rich year supported by a strong execution, meaningful catalyst across the portfolio, and the actions we are taking to position Rovi for sustainable long-term growth.
That's all regarding our full year financial results we can now start the q a session and i will pass the floor to martha thanks javier if you want to ask any questions please don't hesitate to send them to the question bottom of the platform the first question is for javier and comes from pablo from from Kepler-Chevreux. Javier, I understand it may still be early to comment, but could you share any indication on your client's intentions regarding the 100 million dose capacity expected to be operational this year? Specifically, the agreement is expected to contribute between 80 million and 180 million euros. Do you have any sense of whether the client is likely to utilize this capacity fully or whether it is intended more as a backup option. And as a follow-up, has there been any change to the timeline for commissioning the line or does September still look like the official target date?
Thanks, Pablo. You know, we cannot comment much on specific contracts for, I mean, for confidentiality reasons. To provide some context, anyway, we are carrying out technology transfer of works, and that will imply regulatory approvals this year. And again, commercial production is expected to commence probably, or likely, most likely in the second part of the year. no um you know with this contract uh the client has at their disposal a filling line in in san sebastian del rey's patrita plant up to we normally assess 100 million units of perfilled syringes and and the expectations remain the same 27 is expected to be the first full year manufacturing year, so I mean recurrent, from full year, from beginning to an end, and if we take into account this potential first full year or this full recurrent manufacturing revenue, the impact in our accounts will range between 20% and 45% over 23 sales a year. If you remember, that was the guidance that we provided when we announced the contract and we don't have different views as today.
Thanks, Javier. The next question comes from Guilherme Sampaio from CaixaBank and Juan is for you. Could you comment on the latest trends regarding hebrain raw material costs evolution and to what extent this should be able to offset potential pressures in prices in 2026?
Thank you. Thank you, Guillaume. There's not that much info that we can share with you at this moment of time regarding opening prices. What we are seeing really is a real or aggressive price strategies from mostly from the Chinese players. What we are right now working is really on executing our plans to improve cost efficiency and to be able to deliver higher gross margins to make our position in the market more competitive. In this regard, it's going to be very critical the kickoff of our operations of our new manufacturing plant with the vertical integration of our supply chain. So really, We do believe that we have very positive trends in the future once we can in-house source the crude heparinx manufacturing. But right now, really, our goal and what is taking most of our time right now is to make sure that we deliver all our execution plans in terms of making sure that we can make the most of our, in terms of cost efficiency in our supply chain.
Thanks, Juan. Javier Guilherme also wants to know what is your view on SG&A evolution in 2026?
Thanks Guilherme. As we guided the market on 2026, we expect to expand the sales of the company and that will mean that probably we are having an inflection turning point in our CDMO operations uh compared to the previous year so that will mean that we'll need to expand our that we are expanding our operations and for sure it is linked to an increase in people and some expenditure now i want to highlight the tremendous performance that the company did on sdna last year on 25 where we reduced sdna i think this is very difficult to replicate because as long as we are forced and happy to increase salaries to our people by the collective agreement, the trend normally is to increase at least as the inflation levels. You know our policy is to be very strict on cost expansion, So, probably, I mean, what I foresee that we will expand our operations and that will mean that we will need to expand probably our S&A, but hopefully in a very moderate Thanks, Javier.
The next question comes from Sergio Barrado from Rincasa, Juan, could you talk about reaching in phase three for quarterly letrozole in 2026? And what do you think the phase three would last?
I mean, that's really our plan as both Javier and myself, we have shared with you earlier in our presentations, our target to start recruitment in second quarter this year of a letrozole quarterly injection. The timelines are pretty much already being shared with the market i mean this is going to be a long execution phase three clinical trial i mean the design is extremely attractive we are talking superiority versus the comparative drug and we don't expect to be the clinical trial finalized before 20 20 30 20 30 31 but definitely this is going to be one of the major milestones of the company and i think it's the best signal how do we how are we trying to execute the long-term perspective of the company i think we have tremendous very interesting short-term drivers of growth while we are already establishing the foundations of the growth of the company for the next decade thanks juan and at disco ruiz from BNP has two questions.
The first one is for you, Juan. After the excellent year on heparines, what are your expectations for 2026?
Thank you, Francisco. Really, heparines, as I mentioned you before, we expect, I mean, 2025 was a great year. I mean, sales grew 9%. on end up happening. The Miparin performance was also solid, especially in international markets. For 2026, we expect a decline in terms of sales, basically because the last quarters of last year were very strong in international markets. So that means that our partners right now, they have sufficient stock. So we do expect to slow down in that part of the business. And secondly, we are seeing, as I mentioned before in a previous question we're seeing a tremendous price and aggressive strategy from mainly our chinese competitors so all together we expect that for 2026 sales decline for low molecular weight severance we are as i mentioned before we're investing heavily in making sure that we improve our cost efficiency in our supply chain and we remain i mean very much excited that we can still become a global player by investing heavily. We hopefully will be very soon. Our works finalize and we will be able to be fully integrated in the supply chain of the heparin production. And definitely I believe that great things are yet to be delivered by Roby on this field. We are experts on heparins and we have demonstrated in the past that we do have the skills, the products, and the expertise, and we're just working on the long term to make sure that we continue increasing our sales.
Thanks, Juan. The second question from Francisco is for you, Javier.
After the lower R&D in 2025 versus expectations, could you update if in 2026 it should go above the range of 40, 60 million euros commented? yeah thank you francisco for the question uh i mean um probably you're right uh last year was a lower r d expenditure than expected you know at the end of the day the expenditure of r d is linked to the evolution of the clinical trials and as we've been mentioning to the in today's goal we are expecting to start recruiting patients uh this year very soon and um and probably recruiting patients and this phase of the clinical trials are the most expensive one and therefore we could expect this year to be very intensive on the expenditure At the end of the day, the guidance that we provided on the capital market day last year around the R&D expenditure for this five-year terms program from 26 to 2030 don't change at all. So, probably we'll be expending 300 million euros on these years. So, overall, that amount will not change. Probably 26 will be one of the years that we'll spend most on R&D. That's also clear. And we are also looking and pushing to spend as much as possible. That will mean that we are progressing in the right direction. On the other hand, and on the positive front, let me remind all of you that on 26, We will account the second part of this aid from this Spanish organization, CDTI, that will give us or we will account an extra income, let's say that way, that will be in a substantial amount. So that probably will offset any extra expenditure for the year on Arandino. So we are very happy that we were able to collect that grant that will help us to smooth the expenditure on Arandiq.
Thanks, Javier. Juan Álvaro Lence from Alandra Equities asks, can you provide some detail on NEPARVIS prospects and the timing of the loss of exclusivity?
Thank you. Thank you for the question. I mean, NEPARVIS has been a tremendous success. I mean, it has proven the skills of our commercial capabilities in Spain. Unfortunately, the product will lose its patent around November this year. But it has proven, really, the benefits of the combination in terms of commercialization of Entresto and Apavis. And this has not proven unnoticed on the market. So, it's been a tremendous success, but unfortunately, I mean, November, last quarter this year, the product will go off patent.
Thanks, Juan. The next question, Javier, comes from Joaquin García Quiroz and is related to CapEx. CAPEX Consensus for 2026 is at around 62 million euros. Are you comfortable with this number?
Thanks, Joaquin, for the question. As we highlighted during the presentation, we are investing heavily for us on CAPEX these years because for us these investments are, you know, setting the foundations to achieve the goals that we internally have for 2030 so as you know we are expanding our san sebastian del reyes plan and this year also we will set up a new line royce phoenix apart from that we are still investing on glycopeptone you know which is the jv for a vertical integration heparin plant. So 62 million is similar to the amount that we spend or invest on 25. Depending on how these investments, the investments that I was sharing with you, evolve on 26, depending on how they fall on 26, 27, this figure could be similar to the last year figure, to 60 million euro capex or it could be slightly even above that figure now so 26 is going to be a key year for the investments of the company we are acquiring royce phoenix and probably this acquisition coupled with the current capex projects ongoing will make 26 very very
intensive on capex that's what i would say right now thanks javi the next question comes from team jack from entrepreneurial investment uh one or javier can you comment on the public information regarding the smaller pipeline and lower r d spending on of moderna how does this affect the planned utilization of the established production capabilities uh thank you team for your question oh go ahead have a question
no no what i was going to say that i mean in a public conference like this we don't comment on other companies uh performance uh but i could say that the outlook for moderna for 26 and 2027 is better than before. So we are really excited about our partnership with Moderna and take into account that the last past years for Moderna has not been the best for them and that's public knowledge. If according to their latest comments they have an uplift of revenues for the coming years, I think that this can only be a positive process but Juan, please add whatever you want.
No, just reinforcing what Javier has mentioned, I don't think it's up to us to comment Moderna's guidance but the only thing that we can express is that the partnership is as stronger as ever and again we still feel that there's going to be a tremendous important collaboration between Rovi and Moderna in the future.
Wow, thanks. The next question comes from Patricia Cifuentes from Bestinver. When do you expect to advance with the Risperidone for trials?
I mean, they are very similar to those of Letosol. Our idea is to start recruitment as well in in 2026 and to kick off and again this is already very much in place I mean the clinical trial is extremely interesting and it's going to as well to lay the foundation for tremendous growth for the company probably in the next four or five years once we got the results I mean we are targeting something that it will provide us a commercial competitive advantage is the fact that patients could start right away with a quarterly injection instead of being stabilized with a monthly treatment. And I think that will give us a unique differentiation in the market, in the long-acting injectable market. And again, it's already on the execution mode. And hopefully, if we could just open the window, and once the clinical trial is finished, there is going to be a tremendous growth and it's a tremendous life cycle management of the existing OKD business, which is doing extremely good as well.
Thanks, Juan. Javier, the next question comes from Jaime Escribano from Santander. Regarding BMS integration, when do you expect BMS to start contributing in Pianel?
Thanks, Jaime, for your question. Again, the BMS potential revenue for the year, it is linked to the acquisition of Royce Phoenix. Basically we signed the acquisition of the plant in Phoenix last year. There is an interim period and it will be a closing day. This closing day depends on several conditions and things that both companies or both parties have to perform. We are extremely optimistic that this is going to be easy and we don't expect that much delay on the acquisition of Royce Phoenix. However, it's still early to predict when this acquisition will take place or will this closing take place. We've been, I think we can understand that at least we'll have six years from BMS contribution during 26, at least. And we are working to sign the, to have the closing as soon as possible so we can take over Royce Phoenix, start producing for BMS And more important than that, we want to start deploying all the investments in Royce Phoenix to be able to produce to other customers as soon as possible.
Thanks, Javier. Jaime also asks about gross margin. What is your expectation for 2026?
I mean, we don't provide accurate guidance for gross margin for 2026. What we are saying that is with the different drivers that we handle at the company, I think we are positive around gross margin for next year. So, again, Okedi is growing. We have commented several times that Okedi is a high added value product for us. So, meaning that we have higher gross margin in Okedi than in the rest of the portfolio. So this is a very positive contribution. We try to comment also that CDMO business is highly gross margin driven too. So positively, if we are increasing the sales of CDMO business on 26, probably this will also contribute in a positive way to the gross margin. and finally the heparin franchise as commented we are having positive tailwinds on the raw material front so this in this area it will depend on the competitive pricing pressure on the selling side and depending how the market evolves we could even have a positive tailwinds on the on the heparina franchise too from a gross margin perspective. But again, that will depend on very much how the pricing pressure will evolve on the different markets.
And the last question from Jaime is, what is Rovi's base case scenario for the 80-180 million euro revenue contract range in 2017? in in 2027 sorry low mid or high end of the range well up to now what we can tell you is that we are working very hard to hit all the different timelines we started this project back in 24 and i would say that the contract negotiation was even earlier so it's been a lot of time and what the team is very focused and at least is what we can do right now is to work on this tech transfer to execute as efficient as possible, to re-execute as efficient as possible. So we are more focused on those tasks. I believe that so far we've been extremely efficient. The line was deployed on time. The different work streams has been hitting the different milestones and look we are more focused on this year trying to get the regulatory approvals to start a routine manufacturing rather than thinking on next year as any cdmo contract that will depend on the customer needs the good thing about this agreement is that we have some important as we discussed several times minimum commitments in this case it's a full line and that's what is really key for us and at the end of the day what is important for us is that we deliver the the best service to the customer and this turns into the most profitable scenario to us. And again, we need just to wait a few months and see how this contract evolves.
Thanks, Javier. The next question comes from Javier Pinedo from Torreal. Juan, it's for you. A question for Juan about the result, please.
To better understand the commercialization strategy, are you planning to launch it with a partner to reduce risk are you already in negotiations or when would you begin negotiating now that phase three is starting starting uh thank you thank you for your question uh really is i mean i think it's too early to to really provide a clear strategy of how we're going to move to the market uh with let us all i think what we can share with you is that we have what we have done with okedi that definitely we are setting up our commercial capabilities in Europe. Obviously, the obvious case forward would be to leverage those commercial capabilities in Europe. With Okedi, we have shown that we like partnerships, as we have shown with the rollout of Bemiparin and Oxaparin and lately Okedi with the latest launches in Canada, Australia, or Taiwan, two partnerships. Right now, we are focusing on really getting the clinical trial moving forward. Our scope is global. We want to get the approval in the US and Europe. And it will depend somehow on the results of the clinical trials that will define our final study. The market is extremely attractive, as we have shared to the market in several locations. We are talking in terms of treatment, close to 3 million treatments. So the market can be between 2, 3 billion to 7 billion, depending on the price strategy. So again, this is a unique opportunity. We really want to hit it perfectly. And that's the reason why we have been aggressive on the clinical trial design. We are targeting superiority, which would provide a tremendous competitive advantage advantage if the product finally gets approved and i think it will be once that um the clinical trial advance and once we start getting some data that we will start defining which is the strategy to follow but i think ok as an example of our previous um way of doing things could be taken as an as an example of what is our thoughts in terms of the commercialization study thanks one the last question comes from christian schmidt from lycan what is the likelihood of signing an additional
cdmo contract in 2026 this one is for you javier thank you for your last question uh i mean we are truly excited about the business and again uh i i know that we reiterate sometimes the same message we are signing contracts on a important way or in a very recurrent way i would say the only thing is that we do not publish or do not make public these contracts because they are private and our partners don't want them to be public anyway no unless they are very key for us and we are forced to publish because it's a material for our accounts from a stock exchange change regulation or or mainly is that not um I think the momentum is still there now we are acquiring Royce Phoenix and I'm sure that we'll speed up closing agreements in the next coming months and as I said before we are really really excited about the momentum of the business we are getting there to be known as a one of the largest injectable CDMO player in the world and I think that the pipeline is full of opportunity.
Thank you very much, Javier. So, thank you very much for your participation. The Rovi IR team will answer the pending questions as soon as possible. Let me now turn the floor over to our CFO, Javier Lopez Belmonte, for the closure of the presentation.
Well, thank you, Marta. This concludes our presentation of the full year results. As Marta was saying, if there are further questions, which I believe there are, our investor relations team will answer them in a one-to-one mode. Thank you very much for joining with us for the full year presentations call, and I'm wishing you a pleasant day. Bye-bye.
